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India’s External Debt Down 1.1%

India’s External Debt Down 1.1%

India’s external debt was $479.7 billion as of end-June 2016, showing a decline of $5.4 billion, or 1.1%, over its level at end-March 2016, primarily on account of a decline in commercial borrowings, official data showed, PTI reported. The decline in the level of external debt was partly offset by valuation gains resulting from the appreciation of the US dollar vis-a-vis the Indian rupee and other major currencies, the release added. The external debt to GDP ratio stood at 23.4% at end-June 2016, a shade lower than its level of 23.7% at end-March 2016, figures released by the Reserve bank of India showed. Valuation gains, due to appreciation of the US dollar against the Indian rupee and other major currencies, was placed at $1.4 billion. Excluding the valuation effect, the decline in external debt would have been $4 billion instead of $5.4 billion as at end-June 2016 over the level at end-March 2016.